0001193125-05-050149 Sample Contracts

AMERICAN CAPITAL STRATEGIES, LTD. STOCK OPTION EXERCISE AGREEMENT
Stock Option Exercise Agreement • March 15th, 2005 • American Capital Strategies LTD • Maryland
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PURCHASE NOTE
Purchase Note • March 15th, 2005 • American Capital Strategies LTD

FOR VALUE RECEIVED, the undersigned, Malon Wilkus (the “Optionee”), hereby promises to pay to AMERICAN CAPITAL STRATEGIES, LTD., and its successors and assigns (the “Holder”), the principal sum of TWO MILLION SIX HUNDRED SIXTY THOUSAND FIVE HUNDRED SEVENTEEN AND 63/100 DOLLARS ($2,660,517.63), with interest thereon, on the terms and conditions set forth in the Exercise Agreement (as defined herein).

EMPLOYMENT AGREEMENT
Employment Agreement • March 15th, 2005 • American Capital Strategies LTD • Maryland

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of January 1, 2005 (the “Effective Date”), by and between AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (the “Company”), and Samuel A. Flax (the “Executive”).

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